Demand soars for IT contractors in financial services

Stalled IT projects are going back online

The number of job offers to IT contractors surged 320 percent from May to June, according to a survey from pre-employment screening firm Powerchex.

The survey also found that investment banking recruitment also grew 45 percent. Powerchex said that historical data shows that these two sectors are the most closely linked, and predicted that the investment banking sector would see another jump this quarter.

Alexandra Kelly, managing director of Powerchex, said: "Fears of a double-dip recession are beginning to dissipate.

"Recruitment in the financial sector has generally flattened in the last quarter...but the surge in IT contractors shows the sector has released the build-up that had been waiting on the back burner until government news was certain."

For the rest of the financial services sector, the total number of job offers rose just seven percent from May to June. Although this was 52 percent higher than June 2009, the number of offers across the sector had declined two percent in Q2. Nonetheless, Powerchex said the number of offers in all the financial services sector was up compared to Q2 2009.

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